General News of Wednesday, 5 August 2020Source: www.ghanaweb.comMy govt has paid 98% of depositors of collapsed banks, microfinance companies - Akufo-AddoPresident Nana Addo Dankwa Akufo-AddoPresident Nana Addo Dankwa Akufo-Addo has disclosed that 98% of the depositors of the microfinance and savings and loans companies have received their monies. According to him, the intervention by the Bank of Ghana was very timely; it protected the savings of depositors since some of the microfinance and savings and loans companies were on the verge of collapse. The president continued: “As far as microfinance and savings and loans and institutions are concerned 98% of the deposits and the funds have also been paid, there is still a balance. We are determined to pay them.”The Bank of Ghana (BoG), in 2019, embarked on a clean-up of the financial sector and revoked the licences of some banks, microfinance and savings and loans companies. This exercise by the BoG resulted in the loss of jobs and in some cases locking up of depositors’ funds.

Source: GhanaWeb August 05, 2020 05:15 UTC